Insurance Made Simple for Your First Home
Buying your first home comes with a lot of decisions. Between the mortgage, inspection, appraisal, closing costs, and moving, homeowners insurance can feel like one more thing you have to figure out quickly.
If you're financing your home, your mortgage lender will generally require homeowners insurance before you close. But that doesn't mean you have to use the first insurance company or recommendation you're given.
You can shop for your own homeowners insurance and compare your options.
When reviewing a quote, it's important to look at more than just the premium. The amount your home is insured for, your deductibles, the types of coverage included, and the limits within the policy can all affect what you're actually buying.
Learn what homeowners insurance covers
Our goal is to help make the insurance part of buying your first home easier to understand, so you can make an informed decision before closing.
How We Help First-Time Home Buyers
If you've never purchased homeowners insurance before, some of the numbers on a quote may be unfamiliar. We'll help you understand what they mean before you make a decision.
We'll walk through important parts of the policy with you, including your dwelling coverage, deductibles, personal property coverage, liability limits, and other available coverage options.
We'll also help explain why the amount your home is insured for may be different from the price you're paying for it. Your purchase price reflects the real estate market, while your dwelling coverage is generally based on the estimated cost to rebuild the home.
Why your home's market value and reconstruction cost can be different
And because Texas homeowners policies can use percentage-based deductibles, we'll help you understand what that percentage actually means in dollars before you choose your coverage.
Learn how homeowners insurance deductibles work in Texas
You don't need to become an insurance expert before buying your first home. You just need enough information to understand your options and make a decision you're comfortable with.
How We Make It Easier
Getting a Quote Before Closing
You don't have to wait until closing day to arrange your homeowners insurance. Once you have the property information and expected closing date, you can begin comparing quotes and coverage options.
Working With Your Mortgage Lender
Your lender will usually need proof of homeowners insurance before closing. Once you've selected a policy, the necessary insurance information can be provided to your mortgage company so it can be included with the rest of your closing requirements.
Understanding Escrow
If your homeowners insurance is escrowed with your mortgage, part of your monthly mortgage payment will generally be collected to pay the insurance premium when it becomes due. Your insurance is still a separate policy — the mortgage company is simply handling the payment through your escrow account.
Questions Are Expected
If this is your first home, you're not expected to know how all of this works. We're here to answer questions about the insurance process and help you understand what needs to happen before closing.
Built for Texans Taking the First Step
Whether you're buying your first home in Tyler, Dallas, or another Texas community, homeowners insurance is an important part of preparing for closing and protecting the home after you move in.
Texas homeowners also face insurance considerations that may be unfamiliar to a first-time buyer. Wind and hail deductibles, percentage-based deductibles, reconstruction costs, and coverage for water damage are all worth understanding before choosing a policy.
For example, a 2% deductible doesn't mean you pay 2% of the cost of a claim. The deductible is generally calculated using the insured value shown for the home, which can make the actual dollar amount much larger than a first-time buyer might expect.
Learn how homeowners insurance deductibles work in Texas
Buying your first home already comes with plenty to learn. Understanding a few important insurance details before closing can help you compare your options and know what you're purchasing from the beginning.
